• Alexander Soros recently took control of his father’s company, Soros Fund Management, and the crypto community is watching to see if he will invest in Bitcoin.
• The digital asset is likely to benefit from the SEC crackdown, as it is one of the few cryptocurrencies that have been unaffected by the Binance lawsuit.
• George Soros has already shown an interest in crypto investing, having taken positions in Marathon Digital, MicroStrategy and Silvergate Bank earlier this year.
Alexander Soros Takes Over His Father’s Company
Alexander Soros recently took over his father’s business, Soros Fund Management. Crypto investors are watching closely to see if Junior Soros will invest in Bitcoin or not.
SEC Crackdown Will Benefit Bitcoin
The current regulatory mess has had a negative impact on most large-cap altcoins, leading to delistings from centralized exchanges. This means investors may be more likely to exchange their altcoins for Bitcoin or use stablecoins as a mediator between crypto and fiat currencies. As of June 12th 2021, Bitcoin was trading at approximately $25,800 after a 3% weekly correction down.
George Soros Has Already Invested In Crypto
Despite once describing Bitcoin as a “typical bubble” similar to the Dutch tulip mania during the 1600s, George Soros has invested in cryptocurrency related companies such as Marathon Digital (MARA), MicroStrategy (MSTR) and Silvergate Bank through his company’s CIO Dawn Fitzpatrick. Specifically they purchased $39.6 million worth of Marathon convertible debentures which are types of long-term debt issued by a company that can be converted into stock at some point in time with certain conditions met.
Whales Are Accumulating According To On-Chain Metrics
On-chain metrics show that whales are accumulating bitcoin despite its price volatility meaning that big players such as hedge funds and institutional investors are buying up large amounts of bitcoin due to its potential for growth and increased adoption over time. This could potentially mean big profits for those who get involved early on before prices start rising significantly again like they did in previous bull runs since 2017 when price rose from just under $1k all the way up to nearly $20k by December 2020 before correcting back down again later on into 2021
In conclusion it seems like Alexander Suros should take advantage of this opportunity and get involved with bitcoin investments while prices remain relatively low compared to what they were last year before its major correction back down again earlier this year 2021